Ronghan International, has announced its authorisation as an Electronic Money Institution (EMI) by the Financial Conduct Authority in the United Kingdom.
As part of Ronghan International, Pacypay is a payment service provider which offers acquiring and payment solutions for Alipay and WeChat Pay in Europe and Visa MasterCard card payment services for Ecommerce merchants. Ronghan International also encompasses Onerway fund collection for Amazon and eBay sellers spanning across China, Honk Kong, Japan, Europe and the US.
Obtaining an EMI license enables PacyPay and OnerWay to offer a more flexible array of services for its customers by allowing clients to make payments back to their own bank accounts, make payments to other users on the platform, make payments to third parties, e.g. suppliers, and conduct currency conversion between accounts. Under an EMI license, Ronghan International is able to provide extended services such as:
· Issue electronic money and provide digital wallet services;
· Issue payment instruments and acquire payment transactions;
· Provide money remittance services;
· Execute payment transactions;
· Provide services enabling cash withdrawals from a payment account.
Kyle Paisley, Strategic Partnership Manager at Ronghan International, states: “Obtaining an EMI is a big milestone for us and demonstrates the recent fast progression of the company. Expanding into e-money services including card issuing & e-wallets for businesses is an exciting prospect this year.”